Which Bank is best for Current Account?

Which Bank is best for Current Account?

Score: 4 Votes: 4
Score: 4 Votes: 4
Score: 4 Votes: 4
Score: 4 Votes: 4
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Deal Subedar
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I want to open a current account for my business. Which bank would be best for a current account.

43 Comments  |  
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Missing
Deal Lieutenant
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@Conman

Usually the trick is to open an account in a smaller branch of a nationalized bank. By doing this you can maintain good relationship with the branch employees and the manager. Also if you deposit cash regularly depending upon the locality the queue might be less. Also for heavy cash they would get you into the backroom (not strong room) and get your transaction done.

Edit- By the way if your balance is less than the cheque amount they would hold it without rejecting the cheque as insufficient funds. They would call you and wait for you till the EOD but everything depends on the quantum of business/good will with them.

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Deal Subedar
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Kotak bank

Kanz
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Kotak jifi current is good, zero rupees maintenance account

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Deal Captain
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@kanz wrote:

Kotak jifi current is good, zero rupees maintenance account


But Ji-fi is for personal use or for business use? https://cdn1.desidime.com/assets/textile-editor/icon_confused.gif

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Entertainer
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@BUTTERFLYBOY wrote:


But Ji-fi is for personal use or for business use? https://cdn0.desidime.com/Placeholders/No-Image-Available.png

Yeah… Not a best choice for business, As jifi charge for cash deposits

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Deal Captain
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@Tejaa wrote:

@BUTTERFLYBOY wrote:


But Ji-fi is for personal use or for business use? https://cdn0.desidime.com/Placeholders/No-Image-Available.png

Yeah… Not a best choice for business, As jifi charge for cash deposits


Its actually only good for earning rewards for personal use. https://cdn2.desidime.com/assets/textile-editor/icon_toungueout.gif

Break the bottle
Deal Captain
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SBI Current account min QAB (Quaterly Average Balance) is Rs.10,000/-.

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@gambitrite wrote:

SBI Current account min QAB (Quaterly Average Balance) is Rs.10,000/-.


+1
Currently using SBI Current account, felt much better in Govt wala(SBI, Andhra bank, PNB etc). In few days might have to use Kotak or HDFC!

What All Features are you using with Current account? Verify these

1)Cheque book ( Any limitations? and Price?)
2)Internet Banking with various facilities
3) Debit and Credit Cards
4) Mobile Banking including Mobile app accessibility
5) POS Transactions machine for Swiping and its charges
6)Free Statements ondemand Online and Offline
7)Free Transfers/Deposits like NEFT,RTGS?
8) * To be Added

Few Links useful for this discussion.

HDFC: http://www.hdfcbank.com/personal/products/accou...

ICICI: http://www.icicibank.com/business-banking/curre...

AXIS: http://www.axisbank.com/personal/accounts/curre...

KOTAK: http://www.kotak.com/sme-banking/current-accoun... ( So many plans in Kotak Have a Look! )

SBI: https://www.sbi.co.in/portal/web/personal-banki...

UBI: http://www.unionbankofindia.co.in/personal_regu...

CITIBANK: https://www.online.citibank.co.in/products-serv...

IOB: https://www.iob.in/Current_Accoun...px

AB: https://www.allahabadbank.in/english/Normal_Cur...

Syndicate: https://www.syndicatebank.in/english/CurrentAcc...

Yes Bank: https://www.yesbank.in/business-banking/current...

#BookmarkedThread

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Deal Captain
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This does depend on the type and more importantly the scale of business you run…

Secondly, the distance of the bank branch from where you run/operate your business matters- the closer the better.

(Let the minimum balance required not be the deciding factor)

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Deal Colonel
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@rossonero wrote:

This does depend on the type and more importantly the scale of business you run…

Secondly, the distance of the bank branch from where you run/operate your business matters- the closer the better.

(Let the minimum balance required not be the deciding factor)


Technology and app used by bank
+ features available in app/website
Matters.

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Deal Cadet
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A conman looking for the best current account? Something fishy https://cdn2.desidime.com/assets/textile-editor/icon_toungueout.gif

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Deal Lieutenant
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Business na kare aur khub transaction kare current account m to lafda hoga kya ?

Pan Number to dena padega na

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Deal Captain
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@blue wine wrote:

Business na kare aur khub transaction kare current account m to lafda hoga kya ?

Pan Number to dena padega na


Kya karne wali ho aisa? 😩 😮 😯 😰 😕

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Deal Subedar
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@hese wrote:

@gambitrite wrote:

SBI Current account min QAB (Quaterly Average Balance) is Rs.10,000/-.


+1
Currently using SBI Current account, felt much better in Govt wala(SBI, Andhra bank, PNB etc). In few days might have to use Kotak or HDFC!

What All Features are you using with Current account? Verify these

1)Cheque book ( Any limitations? and Price?)
2)Internet Banking with various facilities
3) Debit and Credit Cards
4) Mobile Banking including Mobile app accessibility
5) POS Transactions machine for Swiping and its charges
6)Free Statements ondemand Online and Offline
7)Free Transfers/Deposits like NEFT,RTGS?
8) * To be Added

Few Links useful for this discussion.

HDFC: http://www.hdfcbank.com/personal/products/accou...

ICICI: http://www.icicibank.com/business-banking/curre...

AXIS: http://www.axisbank.com/personal/accounts/curre...

KOTAK: http://www.kotak.com/sme-banking/current-accoun... ( So many plans in Kotak Have a Look! )

SBI: https://www.sbi.co.in/portal/web/personal-banki...

UBI: http://www.unionbankofindia.co.in/personal_regu...

CITIBANK: https://www.online.citibank.co.in/products-serv...

IOB: https://www.iob.in/Current_Accoun...px

AB: https://www.allahabadbank.in/english/Normal_Cur...

Syndicate: https://www.syndicatebank.in/english/CurrentAcc...

Yes Bank: https://www.yesbank.in/business-banking/current...

#BookmarkedThread


No need of POS swiping machine. I am starting online selling business.
Is it better to have a partnership firm or as an individual?

Break the bottle
Deal Captain
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@Conman There has been certain changes in the past few years & now you can even form a OPC (One Person Company) or LLP or Private Limited as per the type of business you will be running, the no. of partners, amount to be invested & expected turnover.

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Deal Subedar
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Also check Bandhan Bank
Samriddhi is best suited for individual
http://www.bandhanbank.com/samriddhi-current-ac...
AMB – 5000
Pass Book Facility
Monthly e-Statement of Account – Free
“At-Par” Cheque Book Facility
50 cheque leaves per month free
Branch Cash Deposit Facility up to ₹ 5 Lacs per month free
Unlimited Branch Cash Withdrawal transaction free per month
Free – Fund Transfer Facility –5 IMPS/ RTGS/NEFT/DD per month
Free Cash withdrawal at other Bank ATMs – 10 Transactions per Month
DD / PO Facility
Net Banking Facility
Transaction Alert Facility

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@gambitrite wrote:

@Conman There has been certain changes in the past few years & now you can even form a OPC (One Person Company) or LLP or Private Limited as per the type of business you will be running, the no. of partners, amount to be invested & expected turnover.


True. But having registered my first Pvt. Ltd. business way back in 2009 and gone through hassles of ROC and tax filing requirements for many years, I now recommend all new entrepreneurs to start their business as sole proprietorships. No sense in adding the accounting and filing burden before you even start making a decent profit. Let’s not forget the sizeable fees that the CAs charge just for their signature and stamp in the name of a mandatory audit. CC @Conman

Kanz
Deal Subedar
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@blue wine wrote:

Business na kare aur khub transaction kare current account m to lafda hoga kya ?

Pan Number to dena padega na

Don’t exceed 10L in a year

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Deal Captain
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@DealSeeker wrote:

@gambitrite wrote:

@Conman There has been certain changes in the past few years & now you can even form a OPC (One Person Company) or LLP or Private Limited as per the type of business you will be running, the no. of partners, amount to be invested & expected turnover.


True. But having registered my first Pvt. Ltd. business way back in 2009 and gone through hassles of ROC and tax filing requirements for many years, I now recommend all new entrepreneurs to start their business as sole proprietorships. No sense in adding the accounting and filing burden before you even start making a decent profit. Let’s not forget the sizeable fees that the CAs charge just for their signature and stamp in the name of a mandatory audit. CC @Conman

That’s a good info for me. https://cdn2.desidime.com/assets/textile-editor/icon_smile.gif

Hiqi
Deal Cadet
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Yes bank for current accounts
&
Power bank for current https://cdn3.desidime.com/assets/textile-editor/icon_wink.gif

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Deal Subedar
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@hiqi wrote:

Yes bank for current accounts
&
Power bank for current https://cdn3.desidime.com/assets/textile-editor/icon_wink.gif

https://cdn3.desidime.com/assets/textile-editor/icon_wink.gif https://cdn3.desidime.com/assets/textile-editor/icon_wink.gif https://cdn3.desidime.com/assets/textile-editor/icon_wink.gif https://cdn3.desidime.com/assets/textile-editor/icon_wink.gif https://cdn2.desidime.com/assets/textile-editor/icon_toungueout.gif https://cdn2.desidime.com/assets/textile-editor/icon_toungueout.gif https://cdn2.desidime.com/assets/textile-editor/icon_toungueout.gif https://cdn2.desidime.com/assets/textile-editor/icon_toungueout.gif

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DealSeeker wrote:


True. But having registered my first Pvt. Ltd. business way back in 2009 and gone through hassles of ROC and tax filing requirements for many years, I now recommend all new entrepreneurs to start their business as sole proprietorships. No sense in adding the accounting and filing burden before you even start making a decent profit. Let’s not forget the sizeable fees that the CAs charge just for their signature and stamp in the name of a mandatory audit. CC @Conman

Hey, I’m planning to register an LLP. It doesn’t require auditing unless the turnover crosses 25L or 40L.

I am running a small web dev agency along with my studies, and filing taxes ended up as mess last year as filed as a sole proprietor. I couldn’t even the deduct the rent I paid as the limit was 24K per year.

The current turnover is 12-15L per year. Expecting a good progress. But I have to pay the fee of freelancers from it. Any recommendation on current account? There won’t be any dealings in cash, but I’m looking for something that doesn’t require hefty minimum balance requirement.

Any suggestions/ recommendations will be highly appreciated.

thanks!

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cyberboy wrote:

Hey, I’m planning to register an LLP. It doesn’t require auditing unless the turnover crosses 25L or 40L.

I am running a small web dev agency along with my studies, and filing taxes ended up as mess last year as filed as a sole proprietor. I couldn’t even the deduct the rent I paid as the limit was 24K per year.

The current turnover is 12-15L per year. Expecting a good progress. But I have to pay the fee of freelancers from it. Any recommendation on current account? There won’t be any dealings in cash, but I’m looking for something that doesn’t require hefty minimum balance requirement.

Any suggestions/ recommendations will be highly appreciated.

thanks!

Since you don’t deal in cash, Kotak Jifi CA would be the best choice. https://www.kotakji...om

10K deposit required to open the account. But then 0 AMB requirement afterwards. 199/year annual fee for the debit card from the 2nd year onwards. No fee for the first year. Free online transfers (NEFT/RTGS/IMPS). Instant beneficiary activation.

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DealSeeker wrote:

Since you don’t deal in cash, Kotak Jifi CA would be the best choice. https://www.kotakji...om

10K deposit required to open the account. But then 0 AMB requirement afterwards. 199/year annual fee for the debit card from the 2nd year onwards. No fee for the first year. Free online transfers (NEFT/RTGS/IMPS). Instant beneficiary activation.

Is that current account? I have to take that under LLP that I form for tax saving purpose. Otherwise, I will be broke after paying tax.I already talked with HDFC bank and they have a plan with zero balance for a year, But the AQB for second year is 25K -http://www.hdfcbank.com/htdocs/common/SmartUp/i...

Also, planning to take a credit card based on FD. Any other banks offer similar services?

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cyberboy wrote:

Is that current account? I have to take that under LLP that I form for tax saving purpose. Otherwise, I will be broke after paying tax.I already talked with HDFC bank and they have a plan with zero balance for a year, But the AQB for second year is 25K -http://www.hdfcbank.com/htdocs/common/SmartUp/i...

Also, planning to take a credit card based on FD. Any other banks offer similar services?

Yes, Kotak Jifi CA is a current account. Check the website I linked and choose the “Jifi CA” variant (earlier named simply as “Jifi”). HDFC would also be a good choice as average quarterly balance requirement of 25K is quite good for a business current account. Moreover, HDFC might work out better for any loan/overdraft requirements in the future.

For getting a secured credit card via fixed deposits, contact ICICI and Axis Bank. @Tejaa (and @saurabh1) might guide you further about getting secured credit cards.

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DealSeeker wrote:

Yes, Kotak Jifi CA is a current account. Check the website I linked and choose the “Jifi CA” variant (earlier named simply as “Jifi”). HDFC would also be a good choice as average quarterly balance requirement of 25K is quite good for a business current account. Moreover, HDFC might work out better for any loan/overdraft requirements in the future.

For getting a secured credit card via fixed deposits, contact ICICI and Axis Bank. @Tejaa (and @saurabh1) might guide you further about getting secured credit cards.

Sounds like Kotak is a good option, but I haven’t tried Kotak yet. My main savings account is with HDFC. That’s why I researched about them at first. Also, they offer secured credit card in the name of business. I think that will make easier for the book keeping.

Do axis offers secured business credit card? If they don’t have much AQB requirement, I will consider that one too.

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cyberboy wrote:

Sounds like Kotak is a good option, but I haven’t tried Kotak yet. My main savings account is with HDFC. That’s why I researched about them at first. Also, they offer secured credit card in the name of business. I think that will make easier for the book keeping.

Do axis offers secured business credit card? If they don’t have much AQB requirement, I will consider that one too.

Never explored secured credit card for any of my businesses. In any case, I don’t think they will issue credit cards (secured or otherwise) for a proprietorship or LLP.

I do have experience with ICICI issuing credit cards for company executives (on the company’s liability) but that’s not relevant here.

Edit: Company = Private Limited

Missing